Japanese Government Rewards Local Authorities With Non-Transferable NFTs – Metaverse Bitcoin News

The Japanese government was reported to be the first country to award non-fungible tokens to local governments that have excelled at a digitization contest. Local authorities were awarded the awards to acknowledge their use of digital technology in solving local challenges.

Use a low-cost Blockchain to distribute and issue NFTs

In what has been described as a first for the Japanese government, the country’s cabinet secretariat recently used non-fungible tokens (NFTs) as a supplementary prize during a ceremony to recognize local governments that excelled in a digitization competition.

According to a Coinpost report, this year’s award ceremony was supported by four technology companies: Indiesquare, Bitflyer Holdings, Tree Digital Studio, and Tomonari Kogei. As noted in the report, Indiesquare’s low-cost blockchain platform, the Hazama Base, was used to issue and distribute the NFTs. The platform had previously been used in a similar way to distribute NFTs during an event hosted by the Liberal Democratic Party Youth Bureau.

Known as the 2022 Summer Digi Denkoshien, the award ceremony was held to honor and recognize initiatives by local authorities that “utilize digital technology to solve local issues and improve their appeal.”

Non-Transferable NFTs

Although the tokens were created on Ethereum, the report indicates that NFTs actually used Proof of Attendance Protocol. They are not transferable, but can be used to verify and mark occasions.

Another report revealed that 9 mayors received NFT awards. Fumio Kishhida, Japan’s Prime Minister was among the dignitaries present at the event.

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Terence Zimwara

Terence Zimwara, a Zimbabwean journalist, writer and author who has been awarded the Zimbabwe Booker Prize. He is a prolific writer on the economic woes of African countries, as well as digital currencies that can be used to provide an escape path for Africans.